BOV is dealing with all investment complaints

The Bank of Valletta said it is dealing with all complaints related to investment products and in a good number of cases, it has reached an agreement with the customers involved. In others, investigations or discussions are still in progress with a view to finding a just and equitable arrangement while in a few other cases, the bank has rejected the customers’ request.

The bank was referring to the situation involving complaints about investment products which have resulted in the involvement of the Malta Financial Services Authority.

For the record, the bank said, the overall position to date is that 39 customers have been refunded in connection with the investment complaints. There are 12 investment complaints where the BOV has made an offer that is being considered by the customer, 48 complaints where investigations are ongoing and 39 investment complaints which have not been upheld by BOV.

The bank said that in its communication of the 28 December, 2011 followed by a letter of 6 January, 2012, the MFSA recommended that the bank reaches a settlement with 20 complainants. Of these, the bank has reached an agreement with 18 customers.

It said it would like to assure customers and the public that it is committed to remain “the caring and genuine bank it is known to be and that it will always continue to be supportive to its customers”.

It added that “it has always acted, and will continue to act in a responsible manner in keeping with its position as the largest financial services organisation in Malta, with a responsibility towards a substantial number of stakeholders including the economic and social development of the country as a whole”.